We use a new dataset to study how mutual fund flows depend on past performance across 28 countries. We find that flows are convex with past performance, creating an incentive for managers to take excessive risk. The flow-performance convexity is less pronounced in countries with higher levels of...

We use a new data set to study the determinants of the performance of open--end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the USA and elsewhere...

This paper studies the determinants of the domestic and the foreign bond biases and their evolution over time using aggregate bond allocation data from CPIS. Our results show that the home bias is prevalent across all countries, despite the decreasing of the domestic bias in most countries in...

This paper examines aggregate domestic and foreign equity allocations around the world using CPIS data. We analyze the cross-country determinants of the domestic and foreign equity bias and the evolution over time of these biases and their determinants. Economic development, restrictions on...

This paper studies the determinants of the domestic and the foreign bond biases and their evolution over time using aggregate bond allocation data from CPIS. Our results show that the home bias is prevalent across all countries, despite the decreasing of the domestic bias in most countries in...

This paper aims to contribute to the ongoing research on tree-shaped flow structures. Here, we focuses on porous-walled tree-shaped networks, namely the laminar fluid flow. Analytical models are developed for pressure distribution along the porous tree-network and for the hydraulic resistance...

Pattern formation and self-organization are phenomena that occur across the board, in animate and inanimate systems. In this paper, we rely on the constructal law to explain the generation of patterns (shapes, structures) in aggregates of organisms–pedestrian crowds and stony corals. In...

Dichev [2007. American Economic Review 97, 386-401], in an influential paper, examines the gap between the performance of major stock markets and the dollar-weighted performance of investors in these markets. He finds a significant gap of 1.3 percent per year for NYSE/AMEX and 1.5 percent...